Credit By: Business Recorder
Paismo, an innovative HR tech startup based in Pakistan, announced a significant milestone with the successful completion of a seed funding round, securing an impressive $1.3 million. The round was spearheaded by Indus Valley Capital, a leading venture capital firm, and received participation from Singapore’s Antler and New York-based Jedar Capital.
In an exclusive statement given to Business Recorder, Paismo, renowned for its software-as-a-service (SaaS) subscription model, revealed that the seed funding round had garnered overwhelming interest, resulting in oversubscription. The infusion of capital is strategically designated to fuel the company’s talented workforce’s expansion and ensure the seamless continuation of its operational endeavors.
Institutional Investors Show Confidence in Paismo’s Vision Amidst Challenging Startup Landscape
This latest injection of funds elevates Paismo’s total raised capital to $1.5 million, following a preceding achievement of $200,000 in November 2022, as reported on Crunchbase. What sets Paismo apart is not only its financial accomplishments but also its unique approach to HR solutions. The startup combines global applicability with localized impact, a strategy showcased through its commitment to increasing employee access to banking services and streamlining health benefit provisions in Pakistan.
As a trailblazer in Pakistan’s HR tech arena, Paismo modernizes HR, payroll, and benefits provision and harbors aspirations to transcend borders, targeting markets in the Middle East, North Africa, and Southeast Asia.
A Vision Backed by Resilience and Expertise
Founded in November by Rebecka Zavaleta and Usama Mahmud, both esteemed alumni of the University of Pennsylvania, Paismo operates with the audacious goal of revolutionizing HR processes through technological advancement. Their integrated system, which seamlessly aligns attendance and timesheet tracking with payroll, accompanied by accessible mobile payslips, has garnered substantial attention. Paismo’s strategic collaborations, such as those with Adamjee Insurance and MCB Islamic Bank, have further fortified its mission by enabling localized benefits and financial incentives.
Drawing from a decade of product leadership experience, Rebecka Zavaleta, including tenures at industry giants like Google, TikTok, and Meta (formerly known as Facebook), brings a wealth of knowledge to the startup. Usama Mahmud’s impactful contributions to education reforms in Punjab province, where he played a pivotal role in raising over $50 million in 2020-21, underscore his dedication to driving change.
Navigating Turbulence with Investor Confidence
Even amid challenging economic conditions and declining funding for Pakistani startups, Paismo’s growth potential has inspired institutional investors. Aatif Awan, the visionary founder of Indus Valley Capital, expressed his enthusiasm for the startup’s capacity to resolve critical challenges employers and employees face across emerging markets. Sherif Nessim, the forward-thinking founder of Jedar Capital, highlighted the persistent demand for HR services in emerging markets and lauded Paismo’s commitment to addressing this need. Markus Bruderer, a partner at Antler, lauded Paismo’s strategic alignment with the evolving demands of the modern workforce.
Paismo’s recent accomplishment is a testament to its dedication, resilience, and innovative approach. In a landscape where uncertainty prevails, Paismo’s success story shines brightly as a beacon of inspiration for Pakistan’s startup ecosystem.